http://www.beet.tv/2009/01/youtube-to-allow-more-publishers-to-bring-their-own-ads-report.html

Erick Schonfeld at TechCrunch as a story up tonight about plans to allow a greater number of content creators to sell their own advertising for their YouTube channel.
A few companies have been at this already, as Erick notes in his post. NextNewNetworks has been doing a brisk business selling its own ads on its YouTube channel. Last September I interviewed NextNewNetworks co-founder Tim Shey on this subject. I've republished the inteview here, and you can read the original post here.
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